Pinnacle West Capital Corp., Phoenix, expects to make voluntary contributions totaling $350 million to its defined benefit plan over the next three years, the utility company disclosed in a 10-K filing with the SEC.
In the filing Feb. 22, the company said it plans to contribute that total between 2019 and 2021. It did not break down the expected contribution by year. The company contributed $50 million and $100 million to the pension plan in 2018 and 2017 , respectively.
As of Dec. 31, pension plan assets totaled $2.73 billion, while projected benefit obligations totaled $3.19 billion, for a funding ratio of 85.6%, down from 90% the year before. The plan's discount rate in 2018 was 4.34%, up from 3.65% the previous year.
The defined benefit plan's target allocation is 62% long-term fixed income, 18% domestic and international equities, 14% alternative investments and 6% emerging markets equities.